SolarWorld partners with Renewable Social Benefits Funds to jumpstart solar power projects for educational institutions

Strategic alliance equips schools with no-money-down access to solar power

CAMARILLO, Calif., Sept. 30, 2010 – SolarWorld Americas, the sales and marketing arm of the largest and most experienced U.S. solar electric panel manufacturer, today announced a strategic alliance with Renewable Social Benefit Funds (RSB Funds) to offer no-money-down financial arrangements to educational institutions so that they can immediately tap plentiful and clean energy from the sun and accrue financial savings to stretch their budgets.

SolarWorld and RSB Funds – a renewable energy company that serves only not-for-profit, tax-exempt schools and other organizations – have agreed to jointly market solar projects featuring SolarWorld solar systems, RSB Funds financial mechanisms and SolarWorld’s authorized installer network. Participating educational institutions will be able to buy electricity generated by solar systems on their property at rates lower than they currently pay to utilities, re-investing the savings into their school programs.

SolarWorld Financial Solutions, in concert with RSB Funds, will offer operating leases and power purchase agreements (PPAs) to help schools manage initial system costs while extracting immediate and ongoing savings on their electrical bills. Under the PPAs, RSB Funds will cover the upfront costs of solar power projects for participating schools; in turn, the schools will draw power from the systems at discounted rates.

"SolarWorld is committed to providing affordable solar power technology solutions to all of America," says Kevin Kilkelly, president of SolarWorld Americas. "With this partnership, we are focused on the educational market, because we know that solar energy, coupled with the financing solutions that this partnership provides, will enable these centers of community life to lead by example. Along the way, they can use their savings to hire more teachers, enrich educational experiences or expand student activities."

"Renewable Social Benefit Funds has long recognized the importance of bringing clean renewable energy to the not-for-profit sector because of the potential cost-savings we can offer them, which they can reinvest into their core programs," said Jonathan Jaffrey, chief executive officer of RSB Funds. "This strategic partnership with SolarWorld couldn’t come at a better time for us, for the sector and, frankly, for our country."

For more information about SolarWorld Financial Solutions, email SWFS@SolarWorldUSA.com

About SolarWorld (www.solarworld-usa.com)

SolarWorld (ISIN: DE0005108401) is a worldwide leader in offering brand-name, high-quality, crystalline silicon solar-power technology. The company’s strength is its fully integrated solar production. From silicon as the raw material through wafers, cells and panels all the way to turn-key solar systems of all sizes, the group combines all stages of the solar value chain. The central business activity is selling high-quality panels into the installation and distribution trades and wafers to the international solar cell industry. Group headquarters are located in Bonn, Germany, with sales sites in Singapore, South Africa, Spain, France as well as in the U.S. state of California. The group’s largest production facilities operate in Freiberg, Germany, and Hillsboro in the U.S. state of Oregon. Sustainability is the basis of the group strategy. Under the name Solar2World, the group supports community aid projects using off-grid solar-power solutions in developing countries, exemplifying sustainable economic development. Worldwide, SolarWorld employs about 3,300 people. SolarWorld AG has been quoted on the stock exchange since 1999 and today is listed on, among others, the TecDAX and ÖkoDAX as well as in the sustainability index NAI.

Media Contact:

Devon Cichoski
Media relations manager
SolarWorld Americas
4650 Adohr Lane
Camarillo, CA 93012
Mobile: 805-377-2905
Office: 805-388-6388
devon.cichoski(at)solarworld-usa.com